Inflation subsides as ZSE gains on Monday
The Zimbabwe Statistics Agency (ZIMSTAT) said the country’s month – on – month and annual inflation cooled in the month of November with food inflation accounting for the biggest drop.
Month-on-month inflation rate in November 2022 was 1,8 percent shedding 1,4 percentage points on the October 2022 rate of 3,2 percent. This means that prices as measured by the all items CPI increased by an average rate of 1,8 percent from October 2022 to November 2022.
This is the fourth consecutive month that the monthly inflation rate has been on a downward trend and Treasury projects it to close December below the 3 percent mark.
“The month-on-month Food and Non-Alcoholic Beverages inflation rate stood at 0,9 percent in November 2022, shedding 2,2 percentage points on the October 2022 rate of 3,1 percent. The month-on-month non-food inflation rate stood at 2,6 percent, shedding 0,6 percentage points on the October 2022 rate of 3,2 percent,” Zimstat said.
According to ZimStats on a year to year basis, inflation slowed to 255 percent in November from 268,8 percent in October and 280,4 percent in September.
The data for the latest figures was collected from 10 to 16 November 2022.
On Monday, the market closed in the positive after the ZSE All Share Index went up 16,49 points representing a 0,12 percent gain to close the session at 14 238.86 points.
Gains were driven by Delta which moved $7.91 up to $228.24, and Mash Holdings which added $1.97 to close at $15.48. Manufacturing company Proplasticss traded $1.08 higher at $26.08 as telecoms giant, Econet gained $1.02 to end the trading day at $70.75.
Financial institution First Capital saw its share price firm up by $0.43 to close at $9.44 as it capped up the major gain drivers of the day.
Trading in the negative was Seed Co which slumped by $12.50 to trade at $71.15, as hotelier African Sun shed $3.66 to end the day at $21.34. Consumer staples giants Dairibord lost $2.00 to $45.00 as OK Zimbabwe traded $0.87 lower at $29.04 and ZIMRE was down $0.6930 to $4.4112.
Oil prices fell to near their lowest levels in 2022 on Monday as street protests against strict Covid-19 curbs in China, the world’s biggest crude importer, stoked concern about the outlook for fuel demand.
Brent crude dropped US$2.66, or 3,1 percent, to trade at US$80.97 a barrel, after diving more than 3 percent to US$80.61 earlier in the session — its lowest since January 4.
Gold prices slipped on Monday, as the dollar strengthened on safe-haven demand, also being triggered by protests in several Chinese cities over the country’s strict Covid-19 restrictions.
Spot gold was down 0,4 percent at US$1 749.00 per ounce whilst US gold futures fell 0,2 percent to US$1 749.90.-ebusinessweekly
